CHINA DESIRES MORE OIL EXPORT FROM NIGERIA

China has said it seeks more crude oil exports from Nigeria in spite of the recent changes in oil prices.

Mr Zao LingXiang, Economic and Commercial Counselor of the Chinese Embassy in Nigeria, said his in an interview in Abuja.

“But the total amount of export to China was only about one million barrels in 2015 that was just 1.3 per cent of Nigerian annual oil export. “In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to imBuhari-China-President-265x160port more crude oil from Nigeria,” he said.

He said that current trade volume between both countries stood at 14.94 billion U.S. dollars in 2014 making Nigeria third largest trade partner of China in Africa.

The economic counselor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa.

He said that China also sought to explore other areas of cooperation with Nigeria which he noted would be of benefit to both parties.

“China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets.

“Right now, the Nigerian Government is trying to diversify its economy which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015.

“There are great potential for cooperation between China and Nigeria in the fields of industrialisation, agricultural modernisation, infrastructure construction, financial services, and trade and investment facilitation, among others.”

He, however, added that both countries had made “remarkable achievements” in the areas of infrastructure cooperation.

He said that the coming visit of President Muhammad Buhari to China in April would facilitate the implementation of agreements reached at the 2015 China-African summit in Johannesburg.

LinXiang explained that the total investment volume between China and Africa exceeded 100 billion U.S dollars in 2015 in spite of the decline in imports from Africa.

He also assured that Africa remained China’s largest trade partner despite recent changes in that country’s economy. “The amount in import from Africa to China declined but did not decline remarkably.

“Moreover, the economic and trade cooperation between China and Africa is not only about trade but technical cooperation as well”, he said.

 

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